Forum home Family life & relationships Family finances

Moving home?

With the way things are at the moment I'm at a bit of a loss as to what to do homewise. I currently own a two bed house that I live in with my hubby and boy. We would like another child not too long after this one (start trying in about a year). We really couldn't have a second here as we only have one double and one single bedrom.

We bought our house before all the house prices and interest rates went up 2 years ago. We borrowed about 112% mortgage with northern rock (groan). Good thing is we know our house is worth more than we borrowed so we won't make a loss. Problem is it wil cost 4% of the total mortgage to end it (3 1/2 yars left) or we could go for top up. Not sure what to do. We could only afford to borrow another ??25-30,000 which would get us a 3 bed no problem (as they arent selling just now).

The house at the end of our row has been on the market for 2 months and still not sold. We hope it will sell soon so we can see what it goes for/how long it will take. It's all a bit of a nightmare! We have never sold a house before!


  • I know how you feel babe we borrowed 112% from northern rock but thankfully on a policy that didnt have a tie in fee as there was no fixed rate so we remorgaged 10 months later and only had to borrow 95% as the house had raised so much in value.
    But at the moment we want to leave the country but with house prices the way they are it looks like we might have to stick around as our fixed period is over in Feb and there is no way we can sell then as i know we wont really make a loss as such but we wont make as much of it either, and also the houses just aint selling at the moment the one round the corner has been on the market for months now and the worst thing is where we live everyone wants to live this is the first time that houses have sold slow normaly the houses here sell with in less than a week.

    With wanting another baby also count into it how long you plan to weight to try, how long it will take, how long you will be pregnant and also how long the baby will be sleeping in with you for, it all adds up and if you plan for moving around the time the baby will be out of your room then you might be able to hold of intill the end of your fixed period so you dont have the fee, and hopefully by then the house market might have sorted its self out by then lol x
  • Hi, we are in exactly the same position, 2 bed house which we borrowed 95% for and wanting ttc no 2 in about a year so we've had our house on market for 3 and a half months now and only 4 views and one drop out offer. we are getting so down about not being able to move, esp as we have found a perfect new 3 bed!! We also have a 2 year fixed rate which ends in Dec and we would have been able to borrow another ??10k by porting the mortgage which has no penalty. although by the looks of things we wont be moving before then anyway!!

    Good luck with your move, hope you get sorted soon!

  • I'm so with you on this one. We took out a 100% mortgage with northern rock two years ago and are trying to sell our house now too. Its been up for sale since May and we've had 5 offers but nothing anywhere near the selling price. People think they can be so cheeky with the house market as it is.

    I'm desperate to sell, the house next door to us is rented and the neighbours are abit of a nightmare. Also with falling pregnant so soon (i'm still at uni but recive a bursary) I've had to give up my part time job as a care assistant and now we only have ??48 spare at the end of each month after everything is paid!

    Our fixed price mortgage ran out two months ago and its gone up a massive ??150 a month, but we cant get a new one with the house being up for sale.

    So frustrating!
Sign In or Register to comment.

Featured Discussions